Analysts expected US Factory Orders to rise in June for the 9th straight month and they did, surging 2.0% MoM (far better than the +1.2% expected) and accelerating from the upwardly revised +1.8% MoM in May)...
(Click on image to enlarge)
Source: Bloomberg
And notably, this factory orders increase comes as ISM's survey shows manufacturing orders tumbling.
(Click on image to enlarge)
Source: Bloomberg
Perhaps the survey is 'real' (inflation-adjusted) and the hard data is nominal? Or the survey is just a sign of ugly things to come (like in 2007).
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